FOR businesses that use fuel cards, it can be hard to balance the often-conflicting priorities of security versus convenience.
Misuse of fuel cards by employees can have a potentially catastrophic impact, especially for small businesses.
According to a 2017 study from Verizon Connect Australia, 74 per cent of Australian fleet businesses indicated fuel costs as a significant concern and 73 per cent reported that personal use of company vehicles increased fuel costs for their businesses.
A solution could be to limit the fuel card purchases to fuel/oil only which might give you the security that no fraudulent expenses will be charged.
However managing fuel card expense reports separately from other company expenses such as tyres and food/accommodation for truck drivers can be a costly administrative nightmare.
Fuel card providers are also constantly updating benefits and products either permanently or temporarily (via promotions) and it is nearly impossible for business owners to keep up.
Enter Fuel Card Comparison, a tool to help managers to stay vigilant without having to manually research individual providers.
As one of the only comparison tools solely dedicated to fuel cards in Australia, the comparison tool and search engine provides a comprehensive dashboard for each major fuel card brand.
It provides not just a general rundown of the card’s benefits and costs, but also shows you all of the important facts beyond the ones advertised.
More importantly, it will also let you know of any promotions/deals that each brand is offering so you do not miss out on any savings opportunities.
For small business owners operating fleets, factors that could contribute to fuel management costs, directly or indirectly, include:
● Card fees: Monthly/annual fees or transactions fees as well as any payment processing fees could quickly mount up to a significant amount
● Network: If the fuel card provider or its partners have ‘participating’ fuel stations (where drivers can get fuel discounts) in areas outside of your fleet routes, then you won’t be able to take advantage of the benefits to which you are entitled
● Facilities and services: Costs related to repairs, tyres, roadside assistance and other fleet management services can set you back you if you are not prepared
● Administrative convenience: If you don’t have the right analytics and systems in place to ensure that you are able to catch any suspicious transactions, your business becomes more vulnerable to fraud
Fuel Card Comparison’s search engine lets you add all the factors that are important to your decision making as filters to lay out the most suitable options particular to your unique needs.
For each card, there is a pros and cons list to further assist with your decision making.
The reviews from other users as well as ratings collected from multiple sources offer credible feedback on each product.